The Cost of Caregiving
A 2015 study found that almost 40 million Americans — about one out of six adults — had provided unpaid care to another adult during the previous 12 months. About 60% of caregivers were women, and the average age was 49. It’s probably not surprising that many caregivers were older, but one out of four were millennials between the ages of 18 and 34. This younger group tended to be split more evenly between men and women.
About 85% of the people being cared for were relatives of the caregiver. Caregiving for a loved one is a noble endeavor, and considering the high cost of professional long-term care, it may be the only alternative for some families. In fact, about half of caregivers reported that they had “no choice” in taking on caregiving responsibilities. But “free” caregiving can take a physical, emotional, and financial toll on the caregiver.
Find out More on how you can Care for your loved one , as well as Feeling Prepared for a Good Financial Future with Star Financial ...
Preserve your own asset..... According to one study, almost half of family caregivers spend more than $5,000 annually on caregiving expenses such as medications, medical bills, in-home care, and nursing-home care.3 Some spend much more
Take advantage of available benefits....Make sure the person you are caring for has all the benefits to which he or she is entitled.
Educate yourself....Make sure you fully understand your loved one’s condition, medications, and appropriate methods of care. Don’t hesitate to call with questions, and keep a running list of issues for the next office visit.
Take care of yourself...Many caregivers suffer from physical or mental conditions that are caused or exacerbated by the strain of providing care. Take regular breaks to rest or enjoy a favorite activity. Ask for help from other family members and friends